The invention discloses a preparation method of a catalyst for preparing olefin from synthetic gas. The preparation method comprises 1, carrying out isopyknic saturated immersion on an alumina carrier in an ammonium salt-containing buffer solution, carrying out drying until an adsorption quantity of the ammonium salt-containing buffer solution is 30-60% solution saturated absorption amount of the alumina carrier and carrying out aging, drying and roasting to obtain a modified alumina carrier, 2, carrying out nonsaturated immersion on the modified alumina carrier obtained through the step 1 in a zinc salt solution, carrying out drying and carrying out roasting, 3, carrying out nonsaturated immersion on the roasted carrier obtained through the step 2 in an adsorbent-containing wetting solution, and 4, drying the adsorbent-containing carrier obtained through the step 3, carrying out saturated co-immersion on the adsorbent-containing carrier obtained through the step 3 in a mixed solution of active metal iron, an auxiliary agent manganese and an auxiliary agent potassium and carrying out drying and roasting to obtain the catalyst for preparing low carbon olefin from synthetic gas. The catalyst has the characteristics of long-time cycle running activity and high stability and is conducive to industrial application and promotion.